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DataRails vs. Vena

The need for FP&A software has grown tremendously, as finance leaders seek SaaS solutions in order to help reduce the amount of manual processes in their daily work as well as in long term budgeting and forecasting.

FP&A tools help improve many finance functions including consolidating financial statements, automating GL, creating budgets, cost management capabilities, forecasting, and what-if scenarios. Finding the right solution can be difficult, as each tool offers slightly different functions, features, and of course prices, while each company has individual needs and details that they are looking for.

Two of the top tools on the market- Datarails and Vena- offer great solutions, with slightly differing pros and cons that are important to highlight:

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Features:
Features
DataRails
Vena
Maintaining Use
Designated in house customer success manager and FP&A consultant. No need for dedicated system administration
Need dedicated system administrator to maintain Vena use
Excel Compatibility
Complete native Excel functionality. Internal financial models can be imported as well
Great Excel interface. Some users feel that the platform is quite rigid when formatting specific sets of data
Power BI
Full Excel functionality with customized dashboard and no need to learn BI
Need to learn Power BI
Integrations:
Features
DataRails
Vena
HR+ Labor Planning
No dedicated part of the product but can analyze them in the database
Plans salaries, benefits, and taxes including pre-built logic for calculating unique benefits in each individual country
Third Party BI Integrations
Integrates with all of the big software applications but has a wide variety of options in addition, with over 30 available integrations
Integrates with big platforms such as Netsuite and Salesforce, and Quickbooks
Integrating Systems
CRM, ERP, HRIS and more
CRM, ERP, HRIS and more
Functionalities:
Functionalities
DataRails
Vena
Onboarding Engagement Time
1-2 hours per week
5-6 hours per week
Available in
US, UK, and Canada
Wider Audience including Europe and Asia
Audience
SMBs
Companies of all sizes
Pricing & plans:
Pricing and Plans
DataRails
Vena
Contract options
Monthly or yearly options
Minimum 1 year commitment (sometimes more)
Price
Starting at $2k per month ($24k per year) with no implementation fee
Starting at $30k per year+ implementation fee of approximately $30k= $60k altogether

Features and Functionality 

 

For a cloud solution such as FP&A software, the combination of as many features as possible along with simplicity and usability is the key to a great product. In fact both companies do a great job of this. DataRails and Vena have a host of functionalities that allow companies to accurately budget and forecast error free and in a time saving manner through automation and integration. Financial analytics, scenario modeling, and financial close management are just a few of the features that both Vena and DataRails provide as 2 of the best solutions on the market. 

 

However, the main feature and functionality difference is not in a specific service that either provides, but rather in how they provide it. DataRails has a higher compatibility with Excel which means the ease of use, familiarity, and implementation time all outrank Vena and gives them the edge in this category. 

 

Slight Winner: DataRails

Most Recommended

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9.8

Outstanding

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9.4

Excellent

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9.2

Very Good

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9.1

Good

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8.9

Good

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8.3

Good

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Plans and Pricing

 

Both solutions offer different price and payment options, but DataRails beats out Vena in both categories. DataRails on average is less than half the price of Vena when calculated for the first year of payments. Vena’s significantly higher price is due to the one time implementation calculated into the first year, but even with their better value, long term option (3 years for approximately $120k), DataRails is still far less expensive. In addition to better price options, DataRails also offers monthly plans with no commitment- far more attractive than the minimum 1 year commitment with Vena. 

Big Winner: DataRails

Built-In Solutions

 

Although DataRails has an easier-to-use platform that translates into faster implementation time because of its alignment with Excel, Vena provides more complex options of what can be done with its workflows. In addition to the time- saving workflows, report sharing, and version control that both solutions offer, Vena allows experts to dig a little deeper with reporting thanks to their innovative add ons such as Workforce Planning and Pre-Configured Solutions. 

Slight Winner: Vena

Integrations

 

Both DataRails and Vena integrate with CRM, ERP, HRIS, or just about any system of choice. The big difference between the 2 companies lies in the number of data integrations from cloud applications and systems. Vena and DataRails both cover the biggest and most important native connectors such as NetSuite, Sage Intacct, Salesforce and Intuit QuickBooks. However, DataRails also integrates a host of big and small cloud applications such as Google Analytics, Oracle and HubSpot to name a few of the differentiators. 

Winner: DataRails

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Summary

 

DataRails: The price, flexibility, and ease of use is hard to beat. However, what most customers enjoy the most about DataRails is the fact that its compatibility with Excel is so exact that it’s as if nothing’s changed. The ROI from day one, with the very limited time spent on training employees, are huge pros with this choice. 

   

 

 

Vena: One of the most reliable FP&A software solutions founded over a decade ago, Vena’s compatibility with Excel and multitude of add-ons makes it a great choice for many financial teams. Catering to a wider range of customers both in terms of company size and location serves as a big advantage as well. The downsides, however, are the time it takes to implement (approx. 3-6 months), the price (more than 2x as expensive as DataRails), and greater rigidity.

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